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Markets

Rupee remains largely stable against US dollar

  • Currency settles at 278.38 against the greenback in inter-bank market
Published April 23, 2024

The Pakistani rupee registered a marginal decline, depreciating 0.02% against the US dollar in the inter-bank market on Tuesday.

At close, the local unit settled at 278.38, a loss of Re0.05 against the greenback, as per the State Bank of Pakistan (SBP).

On Monday, the rupee registered a slight decrease against the US dollar as it closed at 278.33 lower by Re0.02 or 0.01%.

In a key development, Pakistan’s current account posted a surplus of $619 million in March 2024, a massive jump compared to the revised surplus of $98 million in the previous month, revealed data released by the State Bank of Pakistan (SBP) on Monday.

Moreover, inflows of Foreign Direct Investment (FDI) in the country declined by 10% during the first nine months of this fiscal year (FY24).

The SBP on Monday reported that the country fetched FDI amounting to $1.1 billion during July-March of FY24 compared to $1.216 billion in the same period of last fiscal year (FY23), depicting a decline of $118 million.

Internationally, a firm US dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan’s rate decision this week.

The dollar’s strength has been broad-based, with gains edging toward 5% this year.

It was last trading around 106.10, below the five-month highs hit last week after comments from Federal Reserve officials and a run of hotter-than-expected inflation data forced a paring back of rate cut expectations.

Markets are pricing in a 46% chance of the Fed’s first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool. That was in sharp contrast to just a few weeks ago when markets were betting on June for the U.S. monetary easing cycle to begin.

Oil prices, a key indicator of currency parity, gained on Tuesday after stronger economic data out of Europe, as investors also weighed the potential fallout from any fresh U.S. sanctions on Iran’s oil exports with tensions remaining high in the Middle East.

Global benchmark Brent crude oil futures traded 80 cents or 0.9% higher at $87.80 a barrel by 0847 GMT, while US West Texas Intermediate crude futures also gained 71 cents or 0.9% to $82.61 a barrel.

Inter-bank market rates for dollar on Tuesday

BID                            Rs 278.38

OFFER                      Rs 278.58

Open-market movement

In the open market, the PKR lost 2 paisa for buying and gained 3 paisa for selling against USD, closing at 277.18 and 279.77, respectively.

Against Euro, the PKR gained 22 paisa for buying and 31 paisa for selling, closing at 293.00 and 295.72, respectively.

Against UAE Dirham, the PKR gained 11 paisa for both buying and selling, closing at 75.02 and 75.74, respectively.

Against Saudi Riyal, the PKR lost 2 paisa for both buying and selling, closing at 73.25 and 73.92, respectively.

Open-market rates for dollar on Tuesday

BID                            Rs 277.18

OFFER                      Rs 279.77

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